TD Waterhouse Canada Inc. Increases Stock Position in Fortis $FTS

TD Waterhouse Canada Inc. boosted its position in Fortis (NYSE:FTS) by 0.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,934,402 shares of the utilities provider’s stock after purchasing an additional 36,910 shares during the quarter. Fortis comprises about 1.6% of TD Waterhouse Canada Inc.’s holdings, making the stock its 14th largest position. TD Waterhouse Canada Inc.’s holdings in Fortis were worth $248,925,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. AQR Capital Management LLC acquired a new position in shares of Fortis in the first quarter valued at approximately $311,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Fortis by 19.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 565,150 shares of the utilities provider’s stock worth $25,760,000 after acquiring an additional 90,776 shares during the period. Fifth Third Bancorp purchased a new stake in Fortis in the 2nd quarter worth approximately $65,000. Ninety One UK Ltd acquired a new position in Fortis in the 2nd quarter valued at $2,207,000. Finally, Gold Investment Management Ltd. lifted its stake in shares of Fortis by 2.2% during the 2nd quarter. Gold Investment Management Ltd. now owns 76,702 shares of the utilities provider’s stock worth $3,662,000 after purchasing an additional 1,638 shares during the period. 57.77% of the stock is owned by institutional investors and hedge funds.

Fortis Stock Performance

Shares of NYSE:FTS opened at $53.39 on Thursday. The business has a 50-day moving average of $51.77 and a two-hundred day moving average of $50.69. The firm has a market capitalization of $27.08 billion, a PE ratio of 22.24, a P/E/G ratio of 4.87 and a beta of 0.50. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.66 and a quick ratio of 0.54. Fortis has a 12 month low of $41.24 and a 12 month high of $53.91.

Fortis (NYSE:FTS) last announced its quarterly earnings results on Tuesday, November 4th. The utilities provider reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.02). Fortis had a net margin of 14.18% and a return on equity of 7.05%. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.22 billion. As a group, research analysts forecast that Fortis will post 2.35 earnings per share for the current year.

Fortis Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Tuesday, February 17th will be given a $0.64 dividend. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a $2.56 annualized dividend and a yield of 4.8%. Fortis’s dividend payout ratio (DPR) is 75.83%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. National Bankshares reaffirmed a “sector perform” rating on shares of Fortis in a research report on Wednesday, November 5th. BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a research note on Wednesday, November 5th. Weiss Ratings restated a “buy (b)” rating on shares of Fortis in a report on Thursday, January 22nd. CIBC reiterated an “outperform” rating on shares of Fortis in a report on Tuesday, October 21st. Finally, Scotiabank reissued a “sector perform” rating on shares of Fortis in a research report on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Fortis currently has a consensus rating of “Moderate Buy” and an average target price of $72.00.

Fortis Profile

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.